Posted On: July 7, 2010

Can I short sale my house in Roseville bankruptcy?

A Roseville bankruptcy lawyer discusses short sale...

Can I short sale my house in bankruptcy?
Yes. You can short sale your house in bankruptcy so long as get an offer and are able to work out the short sale with your bank. The benefit of a short sale of a house in bankruptcy is: 1) you avoid foreclosure, and 2) you can treat any deficient amount (the difference between your loan amount and the price that the house was sold for) as an unsecured debt in your bankruptcy.

In order to short sale your house in bankruptcy, you will first need to put the house up for sale. Then you will have to wait for an offer to purchase to be made for your property. This can happen quickly or it can take a long time, depending on the housing market in your area. Once you have received an offer to purchase the property, you must submit the offer to the bank. The bank will then review the offer and determine whether or not they will accept it.

If the bank accepts the short sale offer, and if you are filing for bankruptcy, then any deficient amount will be included as an unsecured debt in your bankruptcy.

If you have questions regarding Bankruptcy in Sacramento please contact us at (916) 492-6020 in Sacramento or (916) 724-1690 in Roseville for a free consultation or visit www.bkanswers.com and we can connect you with one of our experienced Sacramento Bankruptcy Attorneys. After you have spoken with one of our Sacramento bankruptcy attorneys, we can schedule you for a free face to face appointment in an office location nearest you. Our team of Sacramento Bankruptcy Lawyers can assist you with all aspects of your bankruptcy or legal debt settlement case. If you have questions about filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, or would like to learn more about bankruptcy litigation, legal debt settlement, mortgage modification, lien stripping, cram down, stopping a foreclosure, wage garnishment, asset protection, discharging a debt, etc. we can help! We have bankruptcy attorneys located throughout California and Oregon who can assist you with all of your debt resolution questions. Please feel free to complete our free online bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy. We look forward to hearing from you, Sacramento and Roseville!

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